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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities at December 31, 2022 and December 31, 2021 are summarized as follows (in thousands):

			December 31, 2022
			Amortized Cost																		Fair Value
Trading:
Corporate bonds			$	27,203																	$	28,694
			$	27,203																	$	28,694

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	56,344					$	8					$	(1,244)					$	—					$	55,108
Municipal bonds			301,449						530						(40,770)						—						261,209
Corporate bonds			133,334						—						(11,481)						—						121,853
Mortgage-backed or related securities			2,505,172						885						(366,721)						—						2,139,336
Asset-backed securities			222,478						40						(10,993)						—						211,525
			$	3,218,777					$	1,463					$	(431,209)					$	—					$	2,789,031

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	312					$	—					$	(7)					$	305					$	—
Municipal bonds			503,117						109						(70,907)						432,319						(183)
Corporate bonds			2,961						—						(16)						2,945						(196)
Mortgage-backed or related securities			611,577						—						(104,966)						506,611						—
			$	1,117,967					$	109					$	(175,896)					$	942,180					$	(379)

						December 31, 2021
						Amortized Cost						Fair Value
Trading:
Corporate bonds						$	27,203					$	26,981
						$	27,203					$	26,981

			December 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	201,101					$	852					$	(621)					$	—					$	201,332
Municipal bonds			293,761						15,171						(320)						—						308,612
Corporate bonds			114,427						3,103						(183)						—						117,347
Mortgage-backed or related securities			2,837,480						17,749						(49,961)						—						2,805,268
Asset-backed securities			206,391						52						(9)						—						206,434
			$	3,653,160					$	36,927					$	(51,094)					$	—					$	3,638,993

			December 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	316					$	3					$	—					$	319					$	—
Municipal bonds			420,555						20,743						(1,393)						439,905						(203)
Corporate bonds			3,092						—						(3)						3,089						(230)
Mortgage-backed or related securities			97,392						1,171						(23)						98,540						—
			$	521,355					$	21,917					$	(1,419)					$	541,853					$	(433)

Schedule of Securities with Continuous Loss Position

, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):

			December 31, 2022
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	33,407					$	(882)					$	16,732					$	(362)					$	50,139					$	(1,244)
Municipal bonds			188,920						(25,592)						33,907						(15,178)						222,827						(40,770)
Corporate bonds			108,187						(9,547)						13,066						(1,934)						121,253						(11,481)
Mortgage-backed or related securities			930,566						(90,537)						1,159,110						(276,184)						2,089,676						(366,721)
Asset-backed securities			201,437						(10,993)						—						—						201,437						(10,993)
			$	1,462,517					$	(137,551)					$	1,222,815					$	(293,658)					$	2,685,332					$	(431,209)

			December 31, 2021
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	—					$	—					$	71,306					$	(621)					$	71,306					$	(621)
Municipal bonds			40,397						(221)						8,541						(99)						48,938						(320)
Corporate bonds			8,009						(121)						9,938						(62)						17,947						(183)
Mortgage-backed or related securities			1,307,411						(38,028)						721,454						(11,933)						2,028,865						(49,961)
Asset-backed securities			3,382						(9)						—						—						3,382						(9)
			$	1,359,199					$	(38,379)					$	811,239					$	(12,715)					$	2,170,438					$	(51,094)

Schedule of Realized Gain (Loss)

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

									For the Year Ended December 31,
															2022						2021						2020
Available-for-Sale:
Gross Gains															$	522					$	993					$	899
Gross Losses															(3,770)						(495)						(445)
Balance, end of the period															$	(3,248)					$	498					$	454

Schedule of Securities by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of securities at December 31, 2022, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.

			December 31, 2022
			Trading												Available-for-Sale												Held-to-Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year			$	—					$	—					$	3,624					$	3,587					$	19,371					$	19,161
Maturing after one year through five years			—						—						243,507						227,123						26,852						26,090
Maturing after five years through ten years			—						—						526,454						472,026						21,832						20,756
Maturing after ten years			27,203						28,694						2,445,192						2,086,295						1,049,912						876,173
			$	27,203					$	28,694					$	3,218,777					$	2,789,031					$	1,117,967					$	942,180

Schedule of Pledged Securities

The following table presents, as of December 31, 2022, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			December 31, 2022
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	261,878					$	264,582					$	231,405
Interest rate swap counterparties			6,384						6,826						6,202
Repurchase transaction accounts			330,728						339,227						277,369
Other			2,450						2,450						2,416
Total pledged securities			$	601,440					$	613,085					$	517,392

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at December 31, 2022 and December 31, 2021 (in thousands):

			December 31, 2022
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	492,105					$	500					$	16,681					$	509,286
Not Rated			312						11,012						2,461						594,896						608,681
			$	312					$	503,117					$	2,961					$	611,577					$	1,117,967

			December 31, 2021
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	406,363					$	500					$	—					$	406,863
Not Rated			316						14,192						2,592						97,392						114,492
			$	316					$	420,555					$	3,092					$	97,392					$	521,355

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following tables present the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the year ended December 31, 2022 and December 31, 2021 (in thousands):

			For the Year Ended December 31, 2022
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
Allowance for credit losses – securities
Beginning Balance			$	—					$	203					$	230					$	—					$	433
Recapture of provision for credit losses			—						(20)						(63)						—						(83)
Securities charged-off			—						—						—						—						—
Recoveries			—						—						29						—						29
Ending Balance			$	—					$	183					$	196					$	—					$	379

			For the Year Ended December 31, 2021
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
Allowance for credit losses – securities
Beginning Balance			$	—					$	59					$	35					$	—					$	94
Provision for credit losses			—						144						445						—						589
Securities charged-off			—						—						(250)						—						(250)
Ending Balance			$	—					$	203					$	230					$	—					$	433

			For the Year Ended December 31, 2020
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
Allowance for credit losses – securities
Beginning Balance			$	—					$	—					$	—					$	—					$	—
Impact of adopting ASC 326			—						28						35						—						63
Provision for credit losses			—						31						—						—						31
Ending Balance			$	—					$	59					$	35					$	—					$	94

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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
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